Eastern spot aluminium buyers remain quiet even as spot discounts widen

Published: Nov 29, 2018 15:39

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Spot discounts in Shanghai were heard at 60-50 yuan/mt against the Dec contract, compared to 40-30 yuan/mt in the previous day

SHANGHAI, Nov 29 (SMM) – Across east-China markets, spot aluminium downstream buyers remained quiet on Thursday morning and sellers continued to be keen to offload their cargoes, SMM research found.

The SHFE 1812 contract fell in morning trade. Spot discounts in Shanghai were heard at 60-50 yuan/mt against the December contract, compared to 40-30 yuan/mt in the previous day. Most transactions were done at 13,560-13,570 yuan/mt in Shanghai and Wuxi and 13,590-13,610 yuan/mt in Hangzhou, and the prices were some 60 yuan/mt lower than the prior day.

Most transactions in Guangdong were done at 13,630-13,650 yuan/mt with Guangdong-Shanghai spread widened to 70 yuan/mt.

Offloading willingness across sellers in Guangdong improved while downstream consumers continued to purchase on demand. The Aluminum Corporation of China Limited (Chalco) also made purchases today.

Market commentary Aluminium

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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